Bandwidth (NASDAQ:BAND) was upgraded by equities research analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Thursday.
Other equities analysts have also issued research reports about the company. KeyCorp restated an “overweight” rating and set a $64.00 price objective on shares of Bandwidth in a research note on Monday, September 3rd. Canaccord Genuity raised their price objective on Bandwidth from $44.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley raised their price objective on Bandwidth from $40.00 to $44.00 and gave the stock a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $45.67.
Bandwidth stock opened at $53.62 on Thursday. Bandwidth has a one year low of $18.05 and a one year high of $57.50. The firm has a market cap of $1.00 billion and a price-to-earnings ratio of 254.10.
In other Bandwidth news, CFO Jeffrey A. Hoffman sold 45,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $43.21, for a total value of $1,944,450.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder James A. Bowen sold 350,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $42.00, for a total value of $14,700,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 459,471 shares of company stock worth $19,568,660. Company insiders own 48.62% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Citadel Advisors LLC acquired a new stake in shares of Bandwidth in the 2nd quarter valued at $213,000. Barclays PLC acquired a new stake in shares of Bandwidth in the 1st quarter valued at $262,000. Northern Trust Corp acquired a new stake in shares of Bandwidth in the 1st quarter valued at $263,000. Jane Street Group LLC acquired a new stake in shares of Bandwidth in the 2nd quarter valued at $381,000. Finally, Monarch Partners Asset Management LLC acquired a new stake in shares of Bandwidth in the 3rd quarter valued at $823,000. 30.28% of the stock is currently owned by hedge funds and other institutional investors.
Bandwidth Company Profile
Bandwidth Inc operates as a cloud-based software-powered communications platform-as-a-service (CPaaS) provides in the United States. The company operates through two segments, CPaaS and Other. Its platform enables enterprises to create, scale, and operate voice or text communications services across mobile application or connected device.
Featured Story: How much money do you need to begin day trading?
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Bandwidth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bandwidth and related companies with MarketBeat.com's FREE daily email newsletter.